STT State Street Corporation

By Austen Hufford 

State Street Corp. said Wednesday that Citizens Financial Group Inc.'s financial chief would be its new CFO.

Eric Aboaf will join State Street in December as executive vice president and a member of its management committee. He will then succeed current CFO Mike Bell in March. The departure of Mr. Bell was announced in March.

In April 2015 Mr. Aboaf became CFO of Citizens Financial and previously was with Citigroup Inc., most recently as global treasurer.

Citizens Financial said its prior CFO, John Fawcett, will come out of retirement and serve as interim CFO until a replacement is found.

Mr. Aboaf "has developed into a very good CFO," Citizens Financial Chief Executive Bruce Van Saun said. "He has an opportunity at State Street to substantially increase his compensation and gain new experiences at a large, global custody bank and we wish him well."

He will receive a one-time bonus of $2.6 million and an annual salary of $700,000, with targeted incentive compensation of $1.7 million.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

September 28, 2016 10:09 ET (14:09 GMT)

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